ATLANTA – State Representative Bruce Williamson today announced the final passage of House Bill 464 by the House and Senate last week. Introduced by State Representative Bruce Williamson (R-Monroe), HB 464 places a sunset date and annual cap on tax credit exemptions for water conservation facilities.
“At the beginning of this session, I was appointed Chairman of the Income Tax Subcommittee on the Ways and Means Committee, and this year our subcommittee, and the full Ways & Means Committee, under the leadership of Chairman Jay Powell, began the arduous process of reviewing all income tax and sales tax credit programs in this state,” said Rep. Williamson. “As we review each program, we keep our focus on Georgia’s taxpayers to ensure that these tax credit programs are a good deal for Georgians and offer a measurable return on their investments. Going through this review process, we also give careful consideration to any caps and sunset expiration dates in place. By placing a cap on the maximum amount of tax credits allowed, we are keep exposure limited in Georgia, while the sunset date sets an “expiration” date for the future, forcing future legislatures to review the program. This common-sense methodology will help ensure that well intentioned programs do not get ‘out of control,’ or fail to achieve their intended purpose.”
HB 464 places a sunset date of December 31, 2016 on three income tax credits and places an annual cap on one of the three credits for water conservation facilities. The two separate credits which are to be sunset are: the tax credit for water conservation facilities and qualified water conservation investment property, and the tax credit for those that shift from ground water use to the purchase of water from a water conservation facility. The credit which will both be sunset and have a cap placed upon it is the tax credit for qualified donation of real property, carry-over of credit, appraisals, transfer of credit, and penalty. Beginning January 1, 2016, the maximum amount of tax credits allowed per year will be $30 million.
HB 464 passed the House and Senate with unanimous votes, and will now go to Governor Deal for his consideration.
For more information on HB 464, please click here.
Representative Bruce Williamson represents the citizens of District 115 in Walton County. He was elected into the House of Representatives in 2010, and currently serves as the Vice Chairman of the Banks & Banking Committee. He also serves on the Governmental Affairs, Insurance, and Ways & Means committees.
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